These Ordinary shares were issued today at a price of 2416.75 pence per share, which equates to a premium to the estimated cum income net asset value at the time of transaction of 0.7%. The cum income net asset value per Ordinary share at the close of business on 11 April 2018 was 2381.39 pence per share.

Following this issue, the Company has the ability to issue a further 1,858,977 shares under this block listing authority.

Following this transaction the Company hereby notifies the market that it has in issue 49,928,778 Ordinary shares of 25p each all with voting rights. No shares were held in treasury at the date of announcement.

The figure of 49,928,778 may be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.